Integrated oil giant Chevron Corporation (CVX) on Wednesday caught some tepid commentary from analysts at Citigroup.

The firm maintained its “Buy” rating on CVX but lowered its price target to $120. That new target suggests a smaller 15% upside to the stock’s Tuesday closing price of $103.88.

Citigroup also cut its earnings estimates for the company, citing lower oil prices.

Chevron shares posted small gains in premarket trading Wednesday.

The Bottom Line
Shares of Chevron (CVX) have a 3.47% dividend yield, based on last night’s closing stock price of $103.88. The stock has technical support in the $96-$97 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $110-$111 a share.

Chevron Corporation (CVX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.